In a new development in the Jagran dispute, currently being heard by the Allahabad Bench of the National Company Law Tribunal, an application has been moved against a board meeting convened in Jagran Media Network Investment Pvt Ltd on September 30.
The application, filed in a pending petition titled Mahendra Mohan Gupta and others vs Devendra Mohan Gupta and others under sections 241/242 and 244 of the Companies Act 2013, challenges the legality of the board meeting and all resolutions passed therein.
The tribunal has given 10 days to Jagran Prakashan and other respondents in the matter to submit a reply to the application.
“Let the notice in the present application be issued to the respondents to file their response affidavit within a period of 10 days,” said the bench in its October 9 order and has listed the matter for hearing on Oct 31.
The tribunal was recently informed that the appointment of the Managing Director of Jagran Prakashan is underway and is likely to take more time.
On July 10, Mahendra Mohan Gupta, Chairman & MD, Shailesh Gupta, Whole time director of the company and VRSM Enterprises LLP filed a petition before the NCLT, Allahabad alleging oppression by the majority stakeholders in the company.